Homework answers / question archive /  Tran Lee plans to set aside $2,500 a year, at the end of each of the next two years (year 1 and year 2), then $4,500 a year in the following two years (year 3 and year 4), and increase his annual savings to $8,500 in year 5 and year 6

 Tran Lee plans to set aside $2,500 a year, at the end of each of the next two years (year 1 and year 2), then $4,500 a year in the following two years (year 3 and year 4), and increase his annual savings to $8,500 in year 5 and year 6

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 Tran Lee plans to set aside $2,500 a year, at the end of each of the next two years (year 1 and year 2), then $4,500 a year in the following two years (year 3 and year 4), and increase his annual savings to $8,500 in year 5 and year 6. His savings will earn 6% per annum. What would be the accumulated future value of this savings amount if interest is paid annually? All the money will be withdrawn at the end of year 7.